On January 25th, we held FedEx accountable for their Tax Dodging ways.
See what happened here:
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Tax Dodger Profile: FedEx
The recent Citizens for Tax Justice report, “Corporate Taxpayers & Corporate Tax Dodgers, 2008-10,” lists 249 corporations that paid less than their fair share in federal corporate income taxes in 2010. In other words, 249 of the country’s largest and most profitable corporations paid less than the U.S. statutory corporate tax rate of 35% in 2010.
Instead, these 249 companies got a 2010 federal tax subsidy totaling over $87.27 billion. In 2010, FedEx received a federal tax subsidy of over $552 Million.
If FedEx had paid its fair share in 2010, what could it have meant for spending on these vital programs?
- Over 1,100 jobs created from additonal health care spending.
- Over 420 jobs created from additonal benefits to low-income families.
- Over $61 million for Medicaid – enough to serve over 10,500 people.
FEEDING THE POOR
- Over $18 million for anti-hunger programs, including:
- Over $13 million in food stamp benefits – enough to feed over 8,410 people.
- Over $1 million in WIC benefits – enough to feed over 2,660 low-income mothers and children.
- Over $3 million in nutritional assistance for low-income school-age children – enough to provide over 1 million meals to over 6,940 children.
AFFORDABLE HOUSING AND UTILITIES
- Over $4 million for rental assistance – enough to help over 700 families find decent, affordable housing.
- Over $1 million in home energy assistance – enough to help over 1,770 households keep warm during the winter and cool during the summer.
- Over $11 million for education programs, including:
- Over $1 million in aid for high-poverty schools – the equivalent of providing extra academic support for over 2,260 at-risk students.
- Over $2 million for schools to provide services to students with disabilities – the equivalent of helping to improve educational outcomes for over 1,340 students.
- Over $6 million in Pell Grants – enough to help over 1,690 low-income students pay for college.
- Over $1 million for Head Start – enough to help over 180 low-income preschoolers develop early math and reading skills.
LIFTING FAMILIES OUT OF POVERTY
- Over $10 million in Earned Income Tax Credits – enough to help lift over 4,850 households out of poverty.
TAKING CARE OF THOSE WHO SERVE
- Over $6 million in disability compensation for veterans – the equivalent of helping over 710 disabled veterans and their families.
Read The Citizens For Tax Justice Report, “Corporate Tax Payers and Corporate Tax Dodgers” Here.
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Verizon took a 2010 federal tax subsidy of more than $4.89 billion.
Time Warner (CNN’s parent) took a 2010 federal subsidy of more than $431 million.
Wells Fargo took a 2012 federal tax subsidy of more than $4.42 billion.